Thomas Cook (India) has earmarked the overseas education segment as a significant and growing opportunity. Having surpassed its pre-pandemic levels, the company has enhanced its Study Buddy student portfolio in a strategic initiative to target this viable segment. Foreign Exchange is a noteworthy driver of the Company’s business and has continued to deliver 40% growth Q-o-Q. The Forex Business serves over 1 Mn customers every year, 1000+ corporate clients, 1 Mn+ live forex prepaid card users, over 1 Lakh students studying overseas.
In a focussed endeavour to support its student customers during the pandemic, Thomas Cook’s Foreign Exchange business deployed its Digital First strategy to accelerate transition to its virtual platforms – ensuring safe and contactless processes. In addition to overseas remittances to provide urgent financial assistance to students and top up/reloads of their forex prepaid cards within 2 hours, the Company’s forex teams launched a valuable Ghar pe Forex service – with doorstep delivery within 2 hours.
As per a survey by strategy consultants RedSeer, approximately 7.70 lakh Indian students studied overseas in 2019 with a 160% increase to 2 Mn. expected by 2024. Further, with Indian students being unable to attend their academic year on campus for over two years, 2022 is witnessing a significant resurgence in demand. Thomas Cook India’s internal data reiterates this opportunity with a strong uptick in demand, and hence to capitalise on the student opportunity, the Company has enhanced its Study Buddy program.
In addition, Thomas Cook’s data indicates noteworthy growth emerging from India’s tier 2, 3, 4 cities like Nagpur, Salem, Lucknow, Bhubaneswar, Aurangabad, Jaipur, Varanasi, Calicut, Hubli, etc. Hence to offer its students a hassle-free experience, Thomas Cook’s Study Buddy program ensures convenience, security and contactless services via India’s largest phygital network – its online Forex Store and extensive 100+ branches over 65 cites pan India and supported by a strong forex call centre.
Deepesh Varma, Senior Vice President, Foreign Exchange, Thomas Cook (India) Limited said, “Despite the challenging backdrop of the pandemic, our Foreign Exchange teams displayed commendable agility and innovation to deliver services like our Ghar pe Forex with delivery in 2 hours, a simple 4-click online booking process and quick and seamless remittances that served in bringing our store to the student’s home.”
He added, “Our Forex business has continued to deliver strong 40% Q-o-Q growth and the overseas education segment has been a key pivot in our revival strategy. Having already clocked growth of over 120% vs our pre-pandemic levels, we are truly bullish about the student segment. Our unique Study Buddy program has been enhanced to offer students a wide range services that ensures smooth, seamless and secure transactions for all education related requirements from the safety of their home.”
